Oil Slides Ahead of Gov't Supply Report

By: Associated Press
By: Associated Press

Oil is falling ahead of a key government report on petroleum supply and demand.

The American Petroleum Institute says that U.S. crude supplies likely fell last week, though inventories of gasoline jumped by 2.4 million barrels, nearly triple what analysts had expected.

Benchmark West Texas Intermediate crude for July delivery lost 82 cents to $98.77 per barrel on the New York Mercantile Exchange. In London, Brent crude gave up 25 cents to $112.28 per barrel on the ICE Futures Exchange.

Meanwhile, retail gasoline prices dropped for the 13th day to $3.814 per gallon. Oil analyst Tom Kloza said pump prices should slide by another 30 cents by June, though refining problems in Chicago could keep prices elevated in the Midwest.

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